GreyDemon

I'm trying to sell my truck so I can get the IS....

Hopefully someone can help me out....

I am selling my truck for 19000 and owe 20300 on it. It is a private sell so what are the specific steps to complete the transacation since the title is being held by chrysler financial???

Basically he won't give me a check unless I give him the truck, but I don't want to do that when the title is still in my name, so how do we solve this....how does the dealer usually do it when you trade it in?

I am so confused...any help would be very much appriciated, I just want to make sure I am protected in the transaction.

Turkoman

Call your bank and tell them the situation. They will walk you through it.

GreyDemon

I did they don't have a clue....

Turkoman

That is strange. What you need to do if you can afford it is pay what you have remaining on the loan and then you will get the title in about 2 weeks (in PA at least) and then you can sell to whoever you want.

conekiller

Since you owe more than you're selling it for, you can pay him the difference and he can write a check for the payoff to the bank. The bank can send him the title.

LexFather

You have to pay the bank off. So you have to give the guy the truck, you have to get his check, then you have to pay the difference, thus paying the bank off. You get the title, then you transfer the title to the guy.

GreyDemon

So I do these steps:

1.Write him a check for the differance 20300-1900=1300
2.He writes a check made out to my bank for 20300.
3.We go together to mailt he check to the bank.
4.Complete a bill of sale form
5.I complete a Notice of Release of Liability
6.He takes the truck


Who will get mailed the title? Will he get it or will I, I am sure he will want assurance that he will get it since he did pay for the vehicle?

foofighter

you're in cali so here's how you do.

-he can write the check or you can doesnt matter. I believe the bank will still send the title to you since you are the person of record.
-some lenders will have an expedited fee where you can get it turned around in 5 business days.
-so you get a cashier check, send the money fedex to the lender with any associated rush fee involved.
-meanwhile you sign over a your title to him releasing yourself of liability of that vehicle...even though the bank technically owns the car. This is in the event that he wrecks the car while it's title is being transferred. This also is his assurance because you signed over the release to him. Now if you're a shaddy ****, you'd take off with the money and he's screwed.
-You get the title back; sign it over to the chap and he can then register it under his name. done. -Oh dont forget to do a bill of sale indicating ALL transactions.

Good luck

GreyDemon

So how do I sign a title over to him if I don't have a title, since the title is with the finance company? Wouldn't a bill of sale suffice until we can sign over the actual title?

foofighter

bill of sale in addition to a release of liability on the back of your registration; go take a look or if not you can download it from the CA dmv site.